Jordan Belfort: I Was Wrong About Zeroing Bitcoin
Jordan Belfort, the man behind the award-winning film The Wolf of the Street, claimed during an interview with Yahoo Finance that he was wrong when he claimed that the price of bitcoin would hit zero.
As Belfort put it, when he made this statement in 2017, he “hated cryptocurrencies” because the market was surrounded by scammers. This has slowly changed over the years, but there has been an adverse effect of decentralization.
Bitcoin proved it’s not a scam
Belfort, a self-proclaimed NFT enthusiast on Twitter, noted that he changed his mind about Bitcoin “when it crashed and dropped to $3,000.” During the crash of 2018, the price of bitcoin did not fall to 0, as the billionaire expected, i.e. did not collapse immediately, like Terra (LUNA), so he began to look at the project.
Also, at the time, Belfort feared that US regulations could slow bitcoin adoption, as China was trying to do. However, unlike in China, several US senators and governors are in favor of bitcoin and are working to ensure that regulations do not slow down its progress.
Jordan Belfort sees Bitcoin as a long-term investment
Belfort says people should not invest in bitcoin expecting their investment to pay off in 12 or 24 months. Ideally, they should have a horizon of 4 to 5 years. At the time, he would be “surprised” that they didn’t make any money because of the “core principles” of Bitcoin, which are really powerful.
“At some point, bitcoin will mature enough that it will start trading more as a store of value rather than a growth stock.”
Belfort noted that regulations are needed to improve the crypto ecosystem, as while there is a lot of scams and scams in traditional markets, they pale in comparison to the cryptosphere.
An ordinary person with little knowledge can trade and make decent profits in the stock market. On the contrary, in the crypto market, “people are being killed.” And this is something that could change if the right rules are put in place to encourage innovation.
As for the cryptocurrencies favored by Belfort, the Wall Street mogul has made it clear that he only trusts Bitcoin and Ethereum and that any other investments he makes in other currencies will be for speculation or gambling with friends, and how he says it’s a step. it requires people to be willing to lose everything.